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HDFC increases the loan rate for the seventh time in the last five months
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HDFC has announced an increase of 50 basis points in the interest rates of its loans. This will increase the EMI of the company's home loan.
Earlier, the Reserve Bank of India (RBI) had announced an increase in the repo rate to control inflation.
The largest housing finance company in India, said in a statement that HDFC has increased the Retail Prime Lending Rate (RPLR) on housing loans at which its Adjustable Rate Home Loan (ARHL) benchmarks. The company said that it is expected to increase by 50 basis points.
HDFC has increased the loan rate for the seventh time in the last five months.
After the RBI hiked the key policy rate by 50 basis points on Friday, other banks and financial institutions are also expected to increase their loan interest rates.